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1099 DEBACLE
#1
THE AGENCY THAT GOT CHEATED OUT OF OVER $100 BILLION DOLLARS WHEN IT PASSED OUT THE PANIC VIRUS FUNDS IS GOING TO RECEIVE HUNDREDS OF MILLIONS OF WORTHLESS 1099S.  50% OF PEOPLE PAY NO INCOME TAX IN THE U.S.   VIRTUALLY ALL OF THEM WILL STILL NOT PAY TAXES RENDERING THE 1099 MEANINGLESS.  FOR THOSE WHO PAY TAX, THE IRS DOES NOT TAX GROSS RECEIPTS, BUT PROFITS.  FOR EXAMPLE, IF YOU SOLD A GO KART PART ON EBAY AND THE IRS WANTED TO TAX THE PROCEEDS THEY WOULD HAVE TO CLAIM YOU WERE IN THE VINTAGE KART PARTS BUSINESS.  SO YOUR 10 OR 15 PERCENT THAT WENT TO EBAY WOULD BE A DEDUCTION.  WHAT YOU HAD IN THE PART WOULD BE A DEDUCTION.  IF YOU ARE IN THE BUSINESS THEN ALL OF YOUR EXPENSES FOR GOING TO THE RACES WOULD BE MARKETING EXPENSES, ETC. ETC.  YOUR TAX PREPARER WOULD PROBABLY GET A BIG CHUCKLE WHEN HE SAW HOW MUCH MONEY YOU LOST BECAUSE THE IRS DECIDED YOU WERE IN THE KART PART BUSINESS.  

I HATE TO SEE THE FEDS SNOOPING INTO ANYTHING.  THIS NONSENSE VALIDATES A PIECE OF WISDOM ONE OF MY FAVORATE PHILOSOPERS PROVIDED, "STUPID IS AS STUPID DOES".

SMOKEY
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#2
and who exactly in the i.r.s. will review these 1099's.
the only issue i can see is if they start forcing ebay and so forth to collect the tax first and let it be your problem proving you deserve a refund. 
i predict a chaotic situation. on the happy side swap meets will probably get revived by this new stupid policy. 
d Cool
Dave L.
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